Heidi Heitkamp

Senate committee approves two key banking regulators, including one for short-handed Fed

Senate committee approves two key banking regulators, including one for short-handed Fed

A Senate committee on Thursday approved two of President Trump’s choices for key financial regulatory posts, including one for the short-handed Federal Reserve board, despite concerns from Democrats that the nominees were too close to the industry.

Investment fund manager Randal Quarles has been tapped to be the Fed’s vice chairman for supervision, a new position created after the financial crisis that has yet to be filled. His approval by the Senate Banking Committee by a 17-6 vote came a day after another Fed vice chairman, Stanley Fischer, announced he would be stepping...

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